TOTE Services is one of six operating companies owned by TOTE, Inc., which is part of the Saltchuk Resources family of brands. Saltchuk is a large family-owned private investment company located in Seattle, WA. As a subsidiary of TOTE, Inc., TOTE Services has access to significant financial resources and the financial viability to participate in government ship management contracts often over $100 million dollars.
TOTE Services also has an ERP system that provides for proper tracking of budgeted funding quantities, the commitment level of these quantities and the funds expended. The system can segregate funds in a variety of ways including reimbursable and non-reimbursable, and has the capacity for accrual based journal entries. TOTE Services port engineer or project manager, responsible for the appropriate expenditure of these funds, have instant access to the status. In many cases this allows for the port engineer to suggest to our customer (commercial or government) that these specific funds could be redirected elsewhere. This is just one way in which we strive to be good custodians of our customer’s precious resources.
TOTE Services treasury management also allows for a variety of methods of cash disbursement, including wiring, ACH and general check cutting. Through our extensive relationships with banks and agents, TOTE Services can provide cash to most any vessel within a single business day, regardless of vessel location.
